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I had a car reposessed about seven years ago and thay are trying to get me to pay them for the ballence owed after thay sold it. Do I have to pay it. Also why am I jest now hearing from them after seven years. Thank you

Asked on 5/22/04, 1:24 pm

1 Answer from Attorneys

Assuming Colorado law applies, the applicable statute of limitations is probably six years. Your inquiry does not specify who is attempting collection; if it is not the creditor, and a collection agency, then I would say attempting to collect a debt that is barred by the statute is probably a violation of federal and state laws prohibiting the use of deceptive practices in the process of attempting to collect a debt. With the exception of the doctrine of laches, there is no legal requirement which would prevent a creditor from delaying collection efforts.